Pending-sales drop a cautionary note in key U.S. housing market

03/27/2013 | Bloomberg

The main industry undergirding the U.S. economic recovery exhibited a sign of weakness with a 0.4% decline in pending home sales last month. The contraction, after a 3.8% gain in January, may be due to tighter credit conditions excluding some would-be buyers, while lower inventory may be discouraging others. Looking ahead, however, a pickup is seen as more homes come on the market in spring.

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